Stella-Jones

-7.08%

Live  

The Stella-Jones company is a Canadian wood products company that specializes in the production of pressure-treated wood products. The company was founded in 1992 and is headquartered in Montreal, Quebec.
Stella-Jones operates in three main business segments: railway ties, industrial products, and residential lumber. The company's main product is wood railway ties, which are used in the construction and maintenance of railway tracks. It also produces utility poles, marine and foundation pilings, and residential lumber products such as fence posts, decking, and siding.
The company's operations are primarily located in Canada and the United States, with facilities in over 60 locations. Stella-Jones serves a wide range of customers in the railroad, forestry, utility, and residential construction industries.
The company has a strong commitment to sustainable forestry practices and has implemented a responsible sourcing policy to ensure the traceability and sustainability of its wood products. It also actively promotes and participates in reforestation programs.
Stella-Jones has a strong financial track record and has experienced steady growth over the years. The company's success can be attributed to its focus on providing quality products and services, as well as its strong relationships with customers and suppliers.

U3RlbGxhLU pvbmVzIGlz IGEgY29tcG FueSB0aGF0 IGRvZXMgc2 9tZXRoaW5n IHByZXR0eS BpbnRlcmVz dGluZzogdG hleSBtYWtl IHdvb2Rlbi Bwcm9kdWN0 cyB0aGF0IG xhc3QgYSBs b25nIHRpbW UsIGVzcGVj aWFsbHkgb2 5lcyB0aGF0 IGdvIGluIH BsYWNlcyB3 aGVyZSB0aG V5IG5lZWQg dG8gYmUgcm VhbGx5IHN0 cm9uZyBhbm Qgc2FmZSwg bGlrZSBwb3 dlciBwb2xl cyBhbmQgcm FpbHJvYWQg dGllcy4gPG JyPlRoaW5r IGFib3V0IH RyZWVzLiBX aGVuIHRyZW VzIGdyb3cg dGFsbCBhbm Qgc3Ryb25n LCBzb21lIG 9mIHRoZW0g Y2FuIGJlIG N1dCBkb3du IGFuZCB0dX JuZWQgaW50 byBwcm9kdW N0cyB0aGF0 IGhlbHAgaG 9sZCB1cCBw b3dlciBsaW 5lcyBvciBz dXBwb3J0IH RyYWlucyBv biB0cmFja3 MuIFN0ZWxs YS1Kb25lcy B0YWtlcyB0 aGVzZSB0cm VlcywgcHJv Y2Vzc2VzIH RoZW0sIGFu ZCBtYWtlcy BzdXJlIHRo ZSB3b29kIG lzIHByb3Rl Y3RlZCBmcm 9tIHRoaW5n cyBsaWtlIG J1Z3MgYW5k IGJhZCB3ZW F0aGVyIHNv IGl0IGxhc3 RzIGEgcmVh bGx5IGxvbm cgdGltZS48 YnI+Tm93LC Bob3cgZG9l cyB0aGUgY2 9tcGFueSBt YWtlIG1vbm V5PyBXZWxs LCB0aGV5IH NlbGwgdGhl c2Ugc3Ryb2 5nIHdvb2Rl biBwcm9kdW N0cyB0byBv dGhlciBidX NpbmVzc2Vz LCBsaWtlIG VsZWN0cmlj IGNvbXBhbm llcyBhbmQg cmFpbHdheS Bjb21wYW5p ZXMsIHdoaW NoIG5lZWQg dG8ga2VlcC B0aGVpciBs aW5lcyBhbm QgdHJhY2tz IGluIGdvb2 Qgc2hhcGUu IFRoZSBjb2 1wYW5pZXMg cGF5IFN0ZW xsYS1Kb25l cyBmb3IgdG hlaXIgcHJv ZHVjdHMsIG FuZCB0aGF0 4oCZcyBob3 cgU3RlbGxh LUpvbmVzIG Vhcm5zIG1v bmV5Ljxicj 5TdGVsbGEt Sm9uZXMgaX Mgc3VjY2Vz c2Z1bCBiZW NhdXNlIHRo ZXkgcHJvdm lkZSBhIHBy b2R1Y3QgdG hhdCBpcyBz dXBlciBpbX BvcnRhbnQg Zm9yIGV2ZX J5ZGF5IGxp ZmUuIFdpdG hvdXQgcG93 ZXIgcG9sZX MsIHlvdSB3 b3VsZG7igJ l0IGhhdmUg ZWxlY3RyaW NpdHksIGFu ZCB3aXRob3 V0IHJhaWxy b2FkIHRpZX MsIHRyYWlu cyB3b3VsZG 7igJl0IGJl IGFibGUgdG 8gcnVuIHNh ZmVseS4gUG x1cywgdGhl eSBhcmUgcm VhbGx5IGdv b2QgYXQgbW FraW5nIGhp Z2gtcXVhbG l0eSBwcm9k dWN0cyB0aG F0IGxhc3Qg YSBsb25nIH RpbWUuIDxi cj5JbiB0aG UgZnV0dXJl LCBhcyBsb2 5nIGFzIHBl b3BsZSBrZW VwIHVzaW5n IGVsZWN0cm ljaXR5IGFu ZCB0cmFpbn MsIFN0ZWxs YS1Kb25lcy B3aWxsIGNv bnRpbnVlIH RvIGJlIG5l ZWRlZC4gVG hleSBhbHNv IHRha2UgY2 FyZSBvZiB0 aGUgZW52aX Jvbm1lbnQg YnkgdXNpbm cgd29vZCBm cm9tIHRyZW VzIHdpc2Vs eSwgYW5kIG 1hbnkgcGVv cGxlIGNhcm UgYWJvdXQg dGhhdCwgc2 8gdGhleSBt aWdodCBldm VuIGdldCBt b3JlIGN1c3 RvbWVycyB3 aG8gd2FudC B0byBiZSBl Y28tZnJpZW 5kbHkuIFRo aXMgbWVhbn MgU3RlbGxh LUpvbmVzIG hhcyBhIGdv b2QgY2hhbm NlIG9mIHN0 YXlpbmcgc3 VjY2Vzc2Z1 bCBmb3IgYS Bsb25nIHRp bWUhPGJyPg ==

MS4gTGVhZG luZyBwcm9k dWNlciBvZi BwcmVzc3Vy ZS10cmVhdG VkIHdvb2Qg cHJvZHVjdH M6IFN0ZWxs YS1Kb25lcy BpcyBvbmUg b2YgdGhlIG xlYWRpbmcg cHJvZHVjZX JzIG9mIHBy ZXNzdXJlLX RyZWF0ZWQg d29vZCBwcm 9kdWN0cywg d2hpY2ggYX JlIHVzZWQg aW4gdmFyaW 91cyBhcHBs aWNhdGlvbn Mgc3VjaCBh cyByYWlsd2 F5IHRpZXMs IHV0aWxpdH kgcG9sZXMs IGFuZCByZX NpZGVudGlh bCBsdW1iZX IuIFRoaXMg c3BlY2lhbG l6YXRpb24g aGFzIGFsbG 93ZWQgdGhl IGNvbXBhbn kgdG8gZXN0 YWJsaXNoIG l0c2VsZiBh cyBhIHRvcC BwbGF5ZXIg aW4gdGhlIG luZHVzdHJ5 Ljxicj4yLi BEaXZlcnNp ZmllZCBwcm 9kdWN0IHBv cnRmb2xpbz ogQXBhcnQg ZnJvbSBwcm Vzc3VyZS10 cmVhdGVkIH dvb2QgcHJv ZHVjdHMsIF N0ZWxsYS1K b25lcyBhbH NvIG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2Ygbm9uLX RpbWJlciBw cm9kdWN0cy BzdWNoIGFz IGNvbmNyZX RlLCBzdGVl bCwgYW5kIH BsYXN0aWMg cmFpbHJvYW QgdGllcywg d2hpY2ggaG VscHMgdGhl IGNvbXBhbn kgdG8gY2F0 ZXIgdG8gYS BkaXZlcnNl IGN1c3RvbW VyIGJhc2Uu IFRoaXMgZG l2ZXJzaWZp Y2F0aW9uIG Fsc28gaGVs cHMgdGhlIG NvbXBhbnkg dG8gbWl0aW dhdGUgcmlz a3MgYW5kIH N0YXkgY29t cGV0aXRpdm UgaW4gdGhl IG1hcmtldC 48YnI+My4g U3Ryb25nIH ByZXNlbmNl IGluIE5vcn RoIEFtZXJp Y2E6IFN0ZW xsYS1Kb25l cyBoYXMgYS BzdHJvbmcg cHJlc2VuY2 UgaW4gdGhl IE5vcnRoIE FtZXJpY2Fu IG1hcmtldC wgd2l0aCBw cm9kdWN0aW 9uIGZhY2ls aXRpZXMgYW 5kIGRpc3Ry aWJ1dGlvbi BjZW50ZXJz IHN0cmF0ZW dpY2FsbHkg bG9jYXRlZC BhY3Jvc3Mg dGhlIHJlZ2 lvbi4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gZWZmaWNp ZW50bHkgc2 VydmUgaXRz IGN1c3RvbW VycyBhbmQg bWFpbnRhaW 4gYSBzdHJv bmcgbWFya2 V0IHNoYXJl Ljxicj40Li BTdXN0YWlu YWJsZSBwcm FjdGljZXM6 IFRoZSBjb2 1wYW55IGlz IGNvbW1pdH RlZCB0byBz dXN0YWluYW JsZSBmb3Jl c3RyeSBwcm FjdGljZXMg YW5kIGhhcy BjZXJ0aWZp Y2F0aW9ucy Bmcm9tIHZh cmlvdXMgb3 JnYW5pemF0 aW9ucywgc3 VjaCBhcyB0 aGUgU3VzdG FpbmFibGUg Rm9yZXN0cn kgSW5pdGlh dGl2ZSAoU0 ZJKSBhbmQg dGhlIEZvcm VzdCBTdGV3 YXJkc2hpcC BDb3VuY2ls IChGU0MpLi BUaGlzIG5v dCBvbmx5IG hlbHBzIFN0 ZWxsYS1Kb2 5lcyB0byBt ZWV0IHRoZS Bncm93aW5n IGRlbWFuZC Bmb3Igc3Vz dGFpbmFibG UgcHJvZHVj dHMsIGJ1dC BhbHNvIHN0 cmVuZ3RoZW 5zIGl0cyBi cmFuZCByZX B1dGF0aW9u Ljxicj41Li BTdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlOi BTdGVsbGEt Sm9uZXMgaG FzIGNvbnNp c3RlbnRseS BkZWxpdmVy ZWQgc3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgd2l0aC BhIHRyYWNr IHJlY29yZC BvZiByZXZl bnVlIGFuZC BlYXJuaW5n cyBncm93dG guIFRoaXMg aXMgYSByZX N1bHQgb2Yg dGhlIGNvbX BhbnkncyBm b2N1cyBvbi Bjb3N0IGVm ZmljaWVuY3 kgYW5kIHBy b2R1Y3Rpdm l0eSBpbXBy b3ZlbWVudH MsIGFzIHdl bGwgYXMgaX RzIGFiaWxp dHkgdG8gYW RhcHQgdG8g Y2hhbmdpbm cgbWFya2V0 IGNvbmRpdG lvbnMuPGJy PjYuIEV4cG VyaWVuY2Vk IG1hbmFnZW 1lbnQgdGVh bTogVGhlIG NvbXBhbnkg aXMgbGVkIG J5IGEgc2Vh c29uZWQgbW FuYWdlbWVu dCB0ZWFtIH dpdGggbWFu eSB5ZWFycy BvZiBleHBl cmllbmNlIG luIHRoZSB3 b29kIHByb2 R1Y3RzIGlu ZHVzdHJ5Li BUaGlzIHRl YW0gaGFzIG hlbHBlZCBT dGVsbGEtSm 9uZXMgdG8g bmF2aWdhdG UgdGhyb3Vn aCBjaGFsbG VuZ2VzIGFu ZCBjYXBpdG FsaXplIG9u IGdyb3d0aC BvcHBvcnR1 bml0aWVzLC Bjb250cmli dXRpbmcgdG 8gdGhlIGNv bXBhbnkncy BzdWNjZXNz Ljxicj43Li BDb21taXRt ZW50IHRvIH NhZmV0eTog U3RlbGxhLU pvbmVzIHBs YWNlcyBhIG hpZ2ggdmFs dWUgb24gc2 FmZXR5IGlu IGFsbCBhc3 BlY3RzIG9m IGl0cyBvcG VyYXRpb25z LiBUaGUgY2 9tcGFueSBo YXMgaW1wbG VtZW50ZWQg c3RyaWN0IH NhZmV0eSBw cm90b2NvbH MgYW5kIGhh cyB3b24gYX dhcmRzIGZv ciBpdHMgc2 FmZXR5IHJl Y29yZCwgc2 hvd2luZyBp dHMgY29tbW l0bWVudCB0 byB0aGUgd2 VsbC1iZWlu ZyBvZiBpdH MgZW1wbG95 ZWVzIGFuZC B0aGUgY29t bXVuaXR5Lg ==

VGhlIFN0ZW xsYS1Kb25l cyBjb21wYW 55IGlzIGEg bGVhZGluZy Bwcm9kdWNl ciBhbmQgbW Fya2V0ZXIg b2YgcHJlc3 N1cmUtdHJl YXRlZCB3b2 9kIHByb2R1 Y3RzLiBUaG UgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIH RvIHByb2R1 Y2UgYW5kIG Rpc3RyaWJ1 dGUgaGlnaC 1xdWFsaXR5 LCB2YWx1ZS 1hZGRlZCB3 b29kIHByb2 R1Y3RzIGZv ciB0aGUgcm FpbHJvYWQs IGNvbnN1bW VyLCBhbmQg aW5kdXN0cm lhbCBtYXJr ZXRzLiBUaG lzIGluY2x1 ZGVzIHByb2 R1Y2luZyB1 dGlsaXR5IH BvbGVzLCBy YWlsd2F5IH RpZXMsIGJy aWRnZSB0aW 1iZXJzLCBn dWFyZHJhaW xzLCBhbmQg b3RoZXIgaW 5kdXN0cmlh bCBhbmQgY2 9tbWVyY2lh bCB3b29kIH Byb2R1Y3Rz LiBUaGUgY2 9tcGFueSBh bHNvIG9wZX JhdGVzIGEg bmV0d29yay BvZiB3b29k IHRyZWF0aW 5nIGZhY2ls aXRpZXMgdG 8gaW1wcmVn bmF0ZSB3b2 9kIHdpdGgg Y2hlbWljYW xzIHRoYXQg cHJvdmlkZS Bwcm90ZWN0 aW9uIGZyb2 0gZGVjYXks IGluc2VjdH MsIGFuZCBm aXJlLiBTdG VsbGEtSm9u ZXMnIGJ1c2 luZXNzIG1v ZGVsIGlzIG ZvY3VzZWQg b24gcHJvdm lkaW5nIHN1 c3RhaW5hYm xlIGFuZCBl bnZpcm9ubW VudGFsbHkg ZnJpZW5kbH kgd29vZCBw cm9kdWN0cy B0byBtZWV0 IHRoZSBncm 93aW5nIGRl bWFuZCBmb3 IgaW5mcmFz dHJ1Y3R1cm UgYW5kIGNv bnN0cnVjdG lvbiBwcm9q ZWN0cy4gVG hlIGNvbXBh bnkgb3Blcm F0ZXMgZ2xv YmFsbHksIH dpdGggYSBz dHJvbmcgcH Jlc2VuY2Ug aW4gTm9ydG ggQW1lcmlj YSwgYW5kIG NvbnRpbnVl cyB0byBleH BhbmQgaXRz IHJlYWNoIH Rocm91Z2gg c3RyYXRlZ2 ljIGFjcXVp c2l0aW9ucy BhbmQgcGFy dG5lcnNoaX BzLg==

AI does carry potential implications for companies like Stella-Jones, which specializes in producing pressure-treated wood products and related services. Here’s how AI could impact the company in terms of substitution, disintermediation, and margin pressure:
1. Substitution: AI may facilitate the development of alternative materials or composites that can replace traditional wood products. Innovations in manufacturing, guided by AI, could lead to enhanced synthetic materials that mimic or exceed the performance of wood while being more sustainable or cost-effective. If such alternatives gain traction, they could pose a significant threat to Stella-Jones’s market.
2. Disintermediation: The rise of AI in supply chain management and logistics could streamline operations and create opportunities for direct-to-consumer sales models, thereby reducing reliance on traditional distributors and retail channels. If consumers can access treated wood products directly through advanced AI-driven platforms or marketplaces, it could disrupt Stella-Jones’s existing distribution channels and customer relationships.
3. Margin Pressure: AI-enabled efficiencies in production and logistics can lead to cost reductions for competitors. If rivals adopt AI technology to lower their operational costs, Stella-Jones may face margin pressure as it competes against lower-priced alternatives. Additionally, AI may enhance competitor innovation, resulting in new products that meet customer needs more effectively, which could further challenge the company’s pricing power.
In summary, while AI presents potential threats in the form of substitutes, disintermediation, and margin pressure, Stella-Jones can also explore AI technologies to enhance its operational efficiency and innovate its product offerings, which could help mitigate these risks.

The sensitivity of Stella-Jones company’s earnings, cash flow, and valuation to changes in interest rates can be understood through several key mechanisms:
1. Debt Servicing Costs: If Stella-Jones carries a significant amount of debt, an increase in interest rates can raise the cost of servicing that debt. This increased financial burden may reduce the company’s earnings and free cash flow, as more cash is allocated to interest payments rather than operational investments or other expenditures.
2. Cost of Capital: Changes in interest rates can affect the company’s overall cost of capital. Higher interest rates typically lead to a higher weighted average cost of capital (WACC). As WACC increases, the present value of future cash flows may decrease, impacting the company’s overall valuation and making new projects less attractive.
3. Consumer Demand: Interest rates also influence consumer behavior and demand for products. In a higher interest rate environment, borrowing costs for consumers increase, potentially leading to reduced spending. If Stella-Jones’ products are sensitive to consumer demand, a decline in sales could negatively impact earnings and cash flow.
4. Investment Decisions: Higher interest rates may lead the company to reassess its investment strategies. If financing costs rise, Stella-Jones may delay or scale back investments in growth opportunities, which could affect long-term earnings growth.
5. Market Valuation Multiples: Generally, rising interest rates can lead to lower valuation multiples in the stock market. As rates rise, investors may require higher returns, leading to a reassessment of equity valuations. This could negatively impact Stella-Jones’ stock price, even if its underlying business remains stable.
6. Foreign Exchange Impacts: If Stella-Jones operates internationally, changes in interest rates can also affect currency exchange rates. A stronger domestic currency (often a result of higher interest rates) could adversely impact exports, thus reducing revenue and profits from international operations.
In summary, changes in interest rates have multifaceted effects on Stella-Jones’ earnings, cash flow, and valuation. The overall impact depends on the company’s debt levels, operational efficiency, investment strategies, and market conditions. Adjustments in these areas can lead to significant fluctuations in financial performance and market perception.

QSBwb3Rlbn RpYWxseSBy ZWFsaXN0aW Mgc2NlbmFy aW8gdGhhdC Bjb3VsZCBw ZXJtYW5lbn RseSBpbXBh aXIgU3RlbG xhLUpvbmVz 4oCZIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGludm9s dmVzIGEgc2 lnbmlmaWNh bnQgYW5kIH N1c3RhaW5l ZCBkZWNsaW 5lIGluIGRl bWFuZCBmb3 IgdHJlYXRl ZCB3b29kIH Byb2R1Y3Rz IGR1ZSB0by BhIGNvbWJp bmF0aW9uIG 9mIGVudmly b25tZW50YW wgcmVndWxh dGlvbnMgYW 5kIHNoaWZ0 cyBpbiBjb2 5zdW1lciBw cmVmZXJlbm NlLiA8YnI+ QXMgZ292ZX JubWVudHMg cmFtcCB1cC ByZWd1bGF0 aW9ucyByZW dhcmRpbmcg dGhlIHVzZS BvZiB0cmVh dGVkIHdvb2 QgYmVjYXVz ZSBvZiBlbn Zpcm9ubWVu dGFsIGNvbm Nlcm5zLCB0 aGUgY29zdC BvZiBjb21w bGlhbmNlIG NvdWxkIHJp c2Ugc2lnbm lmaWNhbnRs eS4gQWRkaX Rpb25hbGx5 LCBpZiBjb2 5zdW1lcnMg aW5jcmVhc2 luZ2x5IGZh dm9yIGFsdG VybmF0aXZl cyBsaWtlIH N5bnRoZXRp YyBtYXRlcm lhbHMgb3Ig c3VzdGFpbm FibGUgdGlt YmVyIG9wdG lvbnMgdGhh dCBkbyBub3 QgcmVxdWly ZSBjaGVtaW NhbCB0cmVh dG1lbnQsIF N0ZWxsYS1K b25lcyBjb3 VsZCBzZWUg YSBtYXJrZW QgZGVjcmVh c2UgaW4gaX RzIGNvcmUg bWFya2V0IG RlbWFuZC48 YnI+SW4gdG hpcyBzY2Vu YXJpbywgdG hlIGNvbXBh bnnigJlzIG 1hcmdpbnMg d291bGQgbG lrZWx5IGNv bXByZXNzIG NvbnNpZGVy YWJseS4gV2 l0aCBsb3dl ciBzYWxlcy B2b2x1bWVz IGFuZCBwb3 RlbnRpYWxs eSBpbmNyZW FzZWQgY29z dHMgcmVsYX RlZCB0byBt ZWV0aW5nIH JlZ3VsYXRp b25zLCBncm 9zcyBtYXJn aW5zIGNvdW xkIGRlY2xp bmUgc2hhcn BseS4gT3Bl cmF0aW5nIG 1hcmdpbnMg d291bGQgYm UgY2hhbGxl bmdlZCBhcy B0aGUgZml4 ZWQgY29zdH Mgb2YgcHJv ZHVjdGlvbi ByZW1haW4g cmVsYXRpdm VseSBjb25z dGFudCBkZX NwaXRlIGZh bGxpbmcgcm V2ZW51ZXMu PGJyPkNhc2 ggZmxvdyB3 b3VsZCBhbH NvIGJlIHNl dmVyZWx5IG ltcGFjdGVk LiBXaXRoIH JlZHVjZWQg c2FsZXMsIH RoZSBjb21w YW55IG1pZ2 h0IGV4cGVy aWVuY2UgYS BkZWNyZWFz ZSBpbiBuZX Qgb3BlcmF0 aW5nIGNhc2 ggZmxvdywg bGVhZGluZy B0byBpbnN1 ZmZpY2llbn QgZnVuZHMg dG8gY292ZX IgY2FwaXRh bCBleHBlbm RpdHVyZXMg b3Igc2Vydm ljaW5nIGRl YnQuIFRoaX MgY291bGQg Zm9yY2UgdG hlIGNvbXBh bnkgdG8gY3 V0IGRpdmlk ZW5kcywgZG VsYXkgaW52 ZXN0bWVudH MsIG9yIGV2 ZW4gbGlxdW lkYXRlIHBh cnRzIG9mIG l0cyBvcGVy YXRpb25zIH RvIHByZXNl cnZlIGNhc2 guPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCBhc3 NldHMgd291 bGQgc3Rhcn QgdG8gcmVm bGVjdCB0aG UgZGVjbGlu ZSBpbiBzYW xlcyBhcyBp bnZlbnRvcn kgYnVpbGQt dXAgb2NjdX JzIGFuZCBh Y2NvdW50cy ByZWNlaXZh YmxlIG1heS BpbmNyZWFz ZSBkdWUgdG 8gc2xvd2Vy IGNvbGxlY3 Rpb25zIGZy b20gY3VzdG 9tZXJzIGZh Y2luZyB0aG VpciBvd24g b3BlcmF0aW 9uYWwgY2hh bGxlbmdlcy 4gVGhlIGNv bXBhbnkgY2 91bGQgYmVj b21lIG92ZX ItbGV2ZXJh Z2VkIGlmIG l0IHRha2Vz IG9uIGRlYn QgdG8gc3Vz dGFpbiBjYX NoIGZsb3cg ZHVyaW5nIG Rvd250dXJu cywgbGVhZG luZyB0byBh IHdlYWtlbm VkIGZpbmFu Y2lhbCBwb3 NpdGlvbiB3 aXRoIGEgaG lnaGVyIGRl YnQtdG8tZX F1aXR5IHJh dGlvLjxicj 5JbiBzdW1t YXJ5LCB0aG lzIHNjZW5h cmlvIGNvdW xkIHJlc3Vs dCBpbiBkZX RlcmlvcmF0 ZWQgbWFyZ2 lucyBkdWUg dG8gbG93ZX IgcmV2ZW51 ZXMgYW5kIG hpZ2hlciBj b21wbGlhbm NlIGNvc3Rz LCBjb25zdH JhaW5lZCBj YXNoIGZsb3 cgYWZmZWN0 aW5nIG92ZX JhbGwgbGlx dWlkaXR5LC BhbmQgYSBi YWxhbmNlIH NoZWV0IHRo YXQgcmVmbG VjdHMgaW5j cmVhc2VkIG RlYnQgbGV2 ZWxzIGFuZC Bhc3NldCBp bXBhaXJtZW 50cywgc2V2 ZXJlbHkgaW 1wYWN0aW5n IFN0ZWxsYS 1Kb25lc+KA mSBsb25nLX Rlcm0gdmlh YmlsaXR5Lj xicj4=

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvQX I5UTJyMlQ2 QkFyQ3N3M3 NoWmIud2Vi cCIgYWx0PS JTdGVsbGEt Sm9uZXMiIH RpdGxlPSJT dGVsbGEtSm 9uZXMiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgU3 RlbGxhLUpv bmVzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+G kyBEaXNjb3 ZlciA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IO KAlCBmcmVl IGVCb29rIQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDEycHg7 IGZvbnQtc2 l6ZTogMTNw eDsgY29sb3 I6ICM0NDQ7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IFNpZ24gdX Agbm93IGFu ZCBnZXQgb3 VyIGZyZWUg ZUJvb2sgCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8Yj 5UaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzPC9iPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID whLS0KICAg ICAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nbWFyZ2 luLXRvcDog MTZweDsgZm 9udC1zaXpl OiAxNHB4Oy Bjb2xvcjog IzQ0NDsgZm 9udC1mYW1p bHk6IC1hcH BsZS1zeXN0 ZW0sIEJsaW 5rTWFjU3lz dGVtRm9udC wgU2Vnb2Ug VUksIFJvYm 90bywgSGVs dmV0aWNhIE 5ldWUsIHNh bnMtc2VyaW Y7IGxpbmUt aGVpZ2h0Oi AxLjY7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEhh dmUgeW91IG hlYXJkIGFi b3V0IG91ci BzaG9ydCA8 c3Ryb25nIH N0eWxlPSdm b250LXdlaW dodDogNjAw Oyc+RGFpbH kgVmlkZW8g TmV3c2xldH Rlcjwvc3Ry b25nPj8KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxhIG hyZWY9J2h0 dHBzOi8vd3 d3Lmluc2ln aHRmdWx2YW x1ZS5jb20v bmV3c2xldH Rlci5waHAn IHRhcmdldD 0nX2JsYW5r JyBzdHlsZT 0nY29sb3I6 ICMwMDdCRk Y7IHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsgZm9udC 13ZWlnaHQ6 IDUwMDsgbW FyZ2luLWxl ZnQ6IDZweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIEZp bmQgb3V0IG 1vcmUKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAKIC AgICAgICAK ICAgICAgIC A8c3BhbiBj bGFzcz0nYm x1cnJlZC10 ZXh0Jz4KIC AgICAgICAg ICAgTVM0Z1 ZHaGxJRyBO dmJYQmhibm tnIGQyRnpJ R1p2ZFcgNW taV1FnYVc0 ZyBNVGs1TW l3Z1luIFYw SUdsMGN5Qn kgYjI5MGN5 Qm5ieSBCaV lXTnJJRzEx IFkyZ2dabl Z5ZEcgaGxj aTRnVkdobC BJRzVoYldV Z1UzIFJsYk d4aExVcHYg Ym1WeklIZG hjeSBCamNt VmhkR1ZrIE lIZG9aVzRn ZEggZHZJRU 5oYm1GayBh V0Z1SUhKaG FXIHgzWVhr Z2MzVncgY0 d4NUlHTnZi WCBCaGJtbG xjeXdnIFUz UmxiR3hoSU UgTnlaVzl6 YjNScCBibW NnUTI5dGNH IEZ1ZVNCaG JtUWcgU205 dVpYTWdUVy BGdWRXWmhZ M1IxIGNtbH VaeUJEYjIg MXdZVzU1TE NCdCBaWEpu WldRZ2FXID RnTVRrNU1p NDggWW5JK0 1pNGdTVyA1 cGRHbGhiR3 g1IExDQjBh R1VnWTIgOX RjR0Z1ZVNC bSBiMk4xYz JWa0lHIDl1 SUhCeWIyUj EgWTJsdVp5 QmhibSBRZ2 MyVnNiR2x1 IFp5QnlZV2 xzZDIgRjVJ SFJwWlhNZy BabTl5SUU1 dmNuIFJvSU VGdFpYSnAg WTJGdUlISm hhVyB4M1lY bHpMaUJJIG IzZGxkbVZ5 TEMgQnZkbV Z5SUhScCBi V1VzSUZOMF pXIHhzWVMx S2IyNWwgY3 lCbGVIQmhi bSBSbFpDQn BkSE1nIGNI SnZaSFZqZE MgQnNhVzVs SUhSdiBJR2 x1WTJ4MVpH IFVnZFhScG JHbDAgZVNC d2IyeGxjeS B3Z1pHOWph M01nIFlXNW tJSEJwWlgg SnpMQ0JqYj I1eiBkSEox WTNScGIyID RnZEdsdFlt VnkgY3l3Z1 lXNWtJRyAx dmNtVXVQR0 p5IFBqTXVJ RlJvY20gOT FaMmdnWVNC eiBaWEpwWl hNZ2IyIFln YzNSeVlYUm wgWjJsaklH RmpjWCBWcG MybDBhVzl1 IGN5d2dVM1 JsYkcgeGhM VXB2Ym1Wei BJR2hoY3lC bmNtIDkzYm lCMGJ5Qmkg WldOdmJXVW dkRyBobElH eGhjbWRsIG MzUWdjSEp2 WkggVmpaWE lnYjJZZyBj bUZwYkhkaG VTIEIwYVdW eklHbHUgSU U1dmNuUm9J RSBGdFpYSn BZMkVzIElI ZHBkR2dnWV MgQnRZWEpy WlhRZyBjMm hoY21VZ2Iy IFlnWVhCd2 NtOTQgYVcx aGRHVnNlUy BBME1DVXVQ R0p5IFBqUX VJRWx1SUcg RmtaR2wwYV c5dSBJSFJ2 SUhSb1pTIE J5WVdsc2Qy RjUgSUdsdV pIVnpkSCBK NUxDQlRkR1 ZzIGJHRXRT bTl1WlggTW dZV3h6YnlC eiBaWEoyWl hNZ2RHIGhs SUhWMGFXeH AgZEhrc0lH bHVaSCBWem RISnBZV3dz IElISmxjMm xrWlcgNTBh V0ZzTENCaC BibVFnWVdk eWFXIE4xYk hSMWNtRnMg SUcxaGNtdG xkSCBNZ2Qy bDBhQ0JwIG RITWdkMjl2 WkMgQndjbT lrZFdOMCBj eTQ4WW5JK0 5TIDRnVkdo bElHTnYgYl hCaGJua2dh RyBGeklHOX daWEpoIGRH bHZibk1nYV cgNGdRMkZ1 WVdSaCBJR0 Z1WkNCMGFH IFVnVlc1cG RHVmsgSUZO MFlYUmxjeS B3Z2QybDBh Q0J2IGRtVn lJRFF3SUgg QnliMlIxWT NScCBiMjRn Wm1GamFXIH hwZEdsbGN5 QmggYm1RZ0 5EUWdaRyBs emRISnBZbl YwIGFXOXVJ R05sYm4gUm xjbk1nWVdO eSBiM056SU U1dmNuIFJv SUVGdFpYSn AgWTJFdVBH SnlQaiBZdU lFUmxjM0Jw IGRHVWdZbV ZwYm0gY2dZ U0JzWldGay BhVzVuSUhC c1lYIGxsY2 lCcGJpQjAg YUdVZ2QyOX ZaQyBCd2Nt OWtkV04wIG N5QnBibVIx YzMgUnllU3 dnVTNSbCBi R3hoTFVwdm JtIFZ6SUds eklHTnYgYl cxcGRIUmxa QyBCMGJ5Qn pkWE4wIFlX bHVZV0pzWl MgQmhibVFn Y21WeiBjRz l1YzJsaWJH IFVnWm05eV pYTjAgY25r Z2NISmhZMy BScFkyVnpM aUJVIGFHVW diV0ZxYjMg SnBkSGtnYj JZZyBkR2hs SUhkdmIyIF FnZFhObFpD QnAgYmlCcG RITWdjSCBK dlpIVmpkSE 1nIFkyOXRa WE1nWm4gSn ZiU0JqWlhK MCBhV1pwWl dRZ2MzIFZ6 ZEdGcGJtRm kgYkdVZ2My OTFjbSBObG N5NDhZbkkr IE55NGdVM1 JsYkcgeGhM VXB2Ym1Wei BJR2hoY3lC amIyIDV6YV hOMFpXNTAg YkhrZ1ltVm xiaSBCdVlX MWxaQ0J2IG JtVWdiMlln UTIgRnVZV1 JoNG9DWiBj eUJDWlhOME lFIDFoYm1G blpXUWcgUT I5dGNHRnVh VyBWeklHRn VaQ0JvIFlY TWdjbVZqWl cgbDJaV1Fn YlhWcyBkR2 x3YkdVZ1lY IGRoY21Sek lHWnYgY2lC cGRITWdjMy BWemRHRnBi bUZpIGJHVW djSEpoWTMg UnBZMlZ6SU dGdSBaQ0Jq YjNKd2IzIE poZEdVZ2My OWogYVdGc0 lISmxjMyBC dmJuTnBZbW xzIGFYUjVJ R2x1YVggUn BZWFJwZG1W eiBManhpY2 o0NExpIEJK YmlBeU1ESX cgTENCMGFH VWdZMiA5dG NHRnVlU0J5 IFpXTmxhWF psWkMgQmhJ SE5qYjNKbC BJRzltSUVF dElHIFp5Yj IwZ2RHaGwg SUVOaGNtSn ZiaSBCRWFY TmpiRzl6IG RYSmxJRkJ5 YjIgcGxZM1 FnS0VORSBV Q2tzSUhSb1 pTIEJvYVdk b1pYTjAgSU hOamIzSmxJ RyBGamFHbG xkbVZrIElH SjVJR0VnVG 0gOXlkR2dn UVcxbCBjbW xqWVc0Z1pt IDl5WlhOMG Nua2cgWTI5 dGNHRnVlUy A0OFluSStP UzRnIFFYTW diMllnTWog QXlNU3dnVT NSbCBiR3ho TFVwdmJtIF Z6SUdWdGNH eHYgZVhNZ2 IzWmxjaSBB eUxEVXdNQ0 J3IFpXOXdi R1VnWVcgNW tJR2hoY3lC aCBibTUxWV d3Z2NtIFYy Wlc1MVpYTW cgYjJZZ2Iz WmxjaSBBa0 1pQmlhV3hz IGFXOXVMan hpY2ogNHhN QzRnUkdWei BjR2wwWlNC cGRIIE1nYz NWalkyVnog Y3l3Z1UzUm xiRyB4aExV cHZibVZ6IE lISmxiV0Zw Ym4gTWdZU0 JtWVcxcCBi SGt0YjNkdV pXIFFnWTI5 dGNHRnUgZV N3Z2QybDBh QyBCMGFHVW dTbTl1IFpY TWdabUZ0YV cgeDVJR2h2 YkdScCBibW NnWVNCemFX IGR1YVdacF kyRnUgZENC emRHRnJaUy BCcGJpQjBh R1VnIFluVn phVzVsYzMg TXVJRWh2ZD JWMiBaWElz SUhSb1pTIE JqYjIxd1lX NTUgSUdGc2 MyOGdhRyBG eklHRWdaR2 wyIFpYSnpa U0JuY20gOT FjQ0J2WmlC cCBibk4wYV hSMWRHIGx2 Ym1Gc0lHbH UgZG1WemRH OXljeSA0PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=